Gold price dips at the start of the week
After the large move in gold over the past 5 weeks the gold price seems to be taking a breather. We did get that ‘pop’ higher on Friday afternoon but it didn’t stick and gold has since fallen back to around the $1760 level today.
Hourly gold $:
As you can see there is a nice upward slope on the hourly chart with the gold price making lower highs since the start of last week.
Longer term we can see just how quickly we’ve risen over the past few weeks and gold is now up some 13% on the year. The average yearly rise for gold over the past 11 years has been 17%. A similar rise for gold this year would put gold around the $1830 by the end of the year.
In terms of € gold the price made new intra-day all time highs on Friday and continues to hover right around those levels today.
€ gold has matched $ gold in its rise so far in 2012 gaining some 13%. A 17% rise would put the € gold price around €1412 by the end of the year.
£ gold has ‘only’ put on 8% so far this year, some 5% less than € and $ gold. However, we expect this to change as the end of the year approaches and the BoE undertake more money printing sometime around November/December.
A 17% rise in gold for 2012 would put it around the £1180 level by the end of the year.
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